Appraisal reviews are an essential component of the valuation management process – ensuring both accuracy and compliance. Many software platforms, however, only allow their users to complete these reviews on the backend, leaving lenders in the dark as to what is being flagged on their appraisals.

The Mortgage Industry Standards Maintenance Organization (MISMO®) recently announced that it is inviting industry professionals to collaborate in a new effort to create a more trustworthy, verifiable process that provides assurance that loan documents and associated data are consistent, reliable, and unaltered.

Having a seamless, workflow-driven valuation management process will allow for quick, easy configurations and will all but eliminate manual touch points. Lenders and AMCs that take advantage of this unique automation technology are sure to increase their own efficiencies, reduce costs, and become even more valuable to their consumer or lender-clients due to quicker turn-times and more accurate reports.

Appraisal reviews are an essential component of the valuation management process – ensuring both accuracy and compliance. However, most software platforms only allow you to complete these reviews on the backend, leaving lenders in the dark as to what is being flagged on their appraisals.

Fannie Mae recently announced that next year, it will be transitioning the eNote to the MISMO SMART Doc™ Version 3.0 format (XML with embedded PDF) as part of its “ongoing commitment to improve the lending industry’s ability to originate and deliver eMortgages.”